Oh Dear!

StevieJ

Another U turn on the way? Maggie will be having kittens

Norwegian energy giant Statoil has halted work on a £3billion-plus North Sea development following Chancellor George Osborne’s tax grab on the industry, the Press and Journal can reveal.

http://www.pressandjournal.co.uk/Article.aspx/2200392

wotsthat

StevieJ wrote: »

Another U turn on the way? Maggie will be having kittens
http://www.pressandjournal.co.uk/Article.aspx/2200392

It all seemed so simple as well. Just find an unpopular industry and make it pay more tax.

Well apart from seeing a reduction in UK investment and zero difference to the motorist this tax cut/ rise is going really well so far.

lemonjelly

StevieJ wrote: »

Another U turn on the way? Maggie will be having kittens
http://www.pressandjournal.co.uk/Article.aspx/2200392

That's unfair StevieJ. There haven't been any u turns.

All criminals carrying a knife will get a custodial sentence. Oh, wait a minute.

There are no plans to change winter fuel allowance. Oh, wait a minute.

Three days before the election, Cameron said on the BBC's Andrew Marr Show, "any cabinet minister … who comes to me and says 'Here are my plans' and they involve frontline reductions, they'll be sent straight back to their department to go away and think again".

'Our plans involve cutting wasteful spending and stopping the National Insurance rise, our plans don't involve an increase in VAT.' David Cameron, April 2010

March 2010 - "I wouldn't change child benefit, I wouldn't means test it, I don't think that's a good idea."

May 2010 Michael Gove : "Ed Balls keeps saying that we are committed to scrapping EMA. I have never said this. We won't."

Cameron also said before the election that there were no plans for a top down reorganisation of the NHS. Oh, wait a minute...

blueboy43

StevieJ wrote: »

Another U turn on the way? Maggie will be having kittens
http://www.pressandjournal.co.uk/Article.aspx/2200392

It was as if Gordon Brown had never gone away..... a crowd pleasing cut in one tax funded by a an increase in another - with predictable unintended consequences.

blueboy43

lemonjelly wrote: »

T

Three days before the election, Cameron said on the BBC's Andrew Marr Show, "any cabinet minister … who comes to me and says 'Here are my plans' and they involve frontline reductions, they'll be sent straight back to their department to go away and think again".

and come back when you have found some proper cuts.

The road ahead is paved with Banana skins for this government.

What will happen when Nick "the human shield" Clegg breaks down ?

chewmylegoff

this is interesting. norway taxes 28% CT plus 50% on profits from oil. so effective taxation rate is 78%. not sure how the norweigan tax system deals with repatriated profits, but one would have thought there is a double taxation treaty in place which means that any increase in our tax is just offset by a reduction in the tax paid in norway?

also, doesn't the oil industry work on the basis that companies such as statoil have to pay the govt for drilling rights to exploit the oil fields. realistically, if they don't develop an oil field when they have paid for the right to do so, aren't they (i) just cutting off their nose to spite their face and (ii) fall foul of any time limits on their drilling rights? someone who knows far more about this than i do will no doubt be able to set me straight.

StevieJ

statoil have to pay the govt for drilling rights to exploit the oil fields. realistically, if they don't develop an oil field when they have paid for the right to do so, aren't they (i) just cutting off their nose to spite their face and

No because they are saying that the economics have now changed, also in Norway exploration costs are tax deductable even if you don't strike oil (makes sense), not so the UK.

ILW

So it appears the UK needs to cut taxes. More public sector cuts then.

Wish the lefties would make their mind up, they keep banging on about corporations not paying enough tax, and then when one decides to take their ball away due to a tax rise, they start moaning that that is also wrong. Make up you minds what you want please.

Loughton_Monkey

What's the difference?

You go into a pub and find they have put 5 pence on a pint. You moan like hell. You leave and go home. You tell your mates you are never going into that pub again. Once you have cooled off, you go back. It's the only one in the village.

Any oil company that will 'pull' a multi-£billion project for the sake of a 1p rise in tax will have the CEO sacked at the next board meeting. To protect his job, he has already informed the Chairman that they are going ahead. But this is just 'cosmetic' to see if they can do a back door sweetener with Vince when the heat has cooled off. Tub thumping.

Or should I call it barrel thumping?

1984ReturnsForReal_2

Loughton_Monkey wrote: »

What's the difference?

You go into a pub and find they have put 5 pence on a pint. You moan like hell. You leave and go home. You tell your mates you are never going into that pub again. Once you have cooled off, you go back. It's the only one in the village.

:rotfl:

As opposed to my old village pub that goes like this

"Moves to village, goes to local, thinks landlord is a pervert, finds out he is a pervert, doesnt spend one more penny in conveniently located pub, 6 years later finds out said landlord is up on charges for taking advantage of underage staff"

Loughton_Monkey

1984ReturnsForReal wrote: »

:rotfl:

As opposed to my old village pub that goes like this

"Moves to village, goes to local, thinks landlord is a pervert, finds out he is a pervert, doesnt spend one more penny in conveniently located pub, 6 years later finds out said landlord is up on charges for taking advantage of underage staff"

Phew. That's a bit frightening. Hope it didn't put the willies up you.